By Marcus Laun Jul 21, 2003 11:21 am
- There's a gap in the NDX from the forth of July weekend. It "works" to NDX 1230.
- The macros are up to 7 beans (yes, that's million) on the sell side--and they keep reloading. Duke & Duke must be psyched!
- Gatorade was named for the University of Florida Gators (where it was first developed).
- At market bottoms, the pervasive mindset is "let them go up and I'll short 'em." At market tops, it's "let them come in and I'll buy 'em."
- The BBH continues to hug the breakout level (132) despite today's crimson tide.
- It's official, my brothers new nickname is Frank the tank.
- Thursday's low in the S&P was around 978ish. If we push through on the downside, S&P 962 (bottom of the channel) comes is the next logical support zone.
- Gold is back at the magical $350 level (where it's had technical issues).
- The VIX is edging back from the abyss. The repeated "tries" at 20 have created a triple bottom in point and figure work. Now, if the VIX ticks at 20, it'll create a sell signal (which has bullish connotations for the market).
- Sixty cows can produce a ton of milk a day.
- Microsoft (MSFT:NASD) trades heavy. Perhaps it's the dreaded "insider" window?
- Breadth has slipped to 2:1 negative across the board.
- The BKX 20-day is starting to cross it's 30-day (sell signal). If the banks start on the south side, Johnny, BKX 850 is an area of traction (and the only real support between here and BKX 800).
- I continue to see the "old guard" slowly walk away from this business.
- Has the dynamic shifted in the last few weeks? Stocks that disappoint (Nokia (NOK:NYSE), Lexmark (LXK:NYSE), ect.) are being taken out back and shot. In other words, bad news is no longer being ignored.
- There are 2 million sandwich combinations that can be created from a SUBWAY menu.
- Bonds continue to get smoked like a Philly blunt at a Snoop Dogg concert.
- Liberia, while small on the global stage, reminded investors of geopolitical risk.
- The industrials, while lower, continue to act like they're under accumulation.
- The SPY 50-day moving average is $97.93, the QQQ 50-day is $30.08. Look for the bulls to make a stand there.
position in qqq
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